Business Payment account (for high risk)

Having troubles opening a bank account for your business? We have a solution for you.
Payment systems are secure, convenient and easily accessible alternatives to banks.

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The next logical step that follows the company incorporation is opening a bank account to start working with clients. However, it might be a severe obstacle for some undertakings due to the strict and harsh requirements that banks impose on their customers, especially if they plan to manage a high-risk activity or the owner of the account is a non resident. Therefore, it often ends up with a decline after a long period of waiting and a decent amount of paperwork done.

If you are a company director and you need a corporate account for your business, there is a great alternative for local banking institutions - payment systems. Payment Service Providers (PSP) and Electronic Money Institutions (EMI), or more commonly called payment systems, provide merchants a platform to accept payments through debit or credit cards and bank transfers.

The main difference between banking institutions and payment systems


Both banking institutions and payments systems should obtain a corresponding license giving them the right to provide financial services. A payment system answers to the same state financial regulator in the country of its registration as a banking institution (for example, Bank of Lithuania). It is also obligatory for a payment system to be audited and develop a strategy ensuring safety and stability of the electronic money of the client, which would comply with the regulator’s statutes and requirements. Thus, your funds will be as safe in a payment system as in a bank.


Payment systems allow clients to hold funds in different currencies, therefore it could be more beneficial for those working for the international market. Additionally, payment systems licensed in EU countries usually have access to the Single Euro Payment Area SEPA (Single Euro Payment Area).


To the contrary to the banks, payment systems don’t require the clients to do any personal visits to institutions, the whole process of account opening can be done completely remotely, as well as managing the account itself. Most payment systems offer their own application for more convenient use. Additionally, the money transfer through EMI’s or PSP’s usually takes less time in comparison with bank transfer which can take several days.


While banks can offer a wider range of services, including giving loans, holding deposits and investments, payment systems focus on facilitating the transfer of funds from one party to another. It’s designed to be fast, efficient and secure, allowing people to quickly and easily transfer money between accounts or make purchases.


When it comes to opening an account in a banking institution for operating a high-risk activity such as Forex, gambling, crypto exchange, etc, it often ends up with a failure due to the high demands and regulations from the bank. The chances to open a merchant account with a payment system are a lot higher, since a wide range of them were designed to serve such a purpose and have a more convenient and fast onboarding process.

Benefits of payment systems:

IBAN in the name of your company
Completely remote procedure
Available for high-risk activities
Convenient customer support
Safe and secure

Which account do I need?​

Our team of consultants will gladly provide you with more information and help to decide!

There is no formal classification of low-risk and high-risk business accounts. However, banking institutions or payment systems may evaluate accounts and assign risk levels based on several factors, including the account holder's credit history, transaction history, and the nature of the account activity.

A low-risk current account typically refers to an account with a low likelihood of fraudulent or illegal activity, such as a standard checking or savings account. These accounts are typically opened and maintained by individuals or businesses with a good credit history and a track record of responsible banking activity.

A high-risk current account, on the other hand, is usually referred to any financial operation or transaction that could potentially result in significant financial losses or harm to the payment system's reputation. High-risk accounts may be subject to additional scrutiny and monitoring by the bank to ensure compliance with regulations and to detect potential suspicious activity.

Below are provided more common examples of activities that considered high-risk activities:

Gambling, online casino, lottery​;

Issuance of electronic money;

Virtual assets exchange​;

Pharmaceutical and chemical business​;

Tobacco and alcohol products​.

Contact our team for more information

We will gladly assist you with choosing the right terms for your business account. Contact our team and we will get to you in no time!

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Procedure of a business account opening​

The procedure of opening an account with payment systems might be different and require a different involvement from the client, but the commons steps are provided below:
STEP - Pre-check

We offer our customers to go through an internal pre-check in order to select the best payment system for the client’s request.

STEP - Application

After we choose a perfect solution for your business, our compliance specialist will go through the onboarding process with you.

STEP - Documents

It is necessary to prepare a pack of corporate as well as personal documents.

STEP - Approval

Once your application is reviewed, you might be asked to provide additional information or receive a positive/negative answer.


List of the documents might be requested

  • Corporate documents (Articles of Association, Registry card, etc).
  • Identification card or a passport of directors and beneficiaries.
  • Proof of address such as utility bill of a personal bank statement.
  • Additional documents indicating planned activity and the business development.
  • In case a company owns a website, it would be necessary to provide proof of domain.
  • Other documents that might be connected to your personal cause.

Timeframe for setting up an account

The timeframe might be different due to the complicity of each case and the payment system itself. The whole process can take from 1 to 3 weeks until the final answer is received.


How to prepare for onboarding?

There are a couple of important aspects to think through in order to prepare for the onboarding process with the payment system:

  • Purpose: there are different kinds of accounts, each of them serve its purpose. Do you need an account for share capital contribution or for work with clients?
  • Currencies: decide which currencies you would like to work with.
  • Geography: it’s important to understand on which territory you would like to operate.
  • Security: depending on the activity it could be mandatory to provide methods of fraud prevention or anti money laundering policy.

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